Fri, Oct 17, 2003 - Page 1 News List

TAIEX breaks through 6,000 mark

TAIPEI , BLOOMBERG AND AP

Stocks rose yesterday, lifting the TAIEX to its highest level in 17 months, as foreign interest and improving industry prospects outweighed falls on Wall Street, dealers said.

Taiwan Semiconductor Manu-facturing Co (TSMC) and AU Optronics Corp led gains after a market researcher said third-quarter global PC shipments had the biggest increase since 2000.

The TAIEX added 111.36, or 1.88 percent, to close at 6,035.74, the highest since April 30 last year. The index traded in 5,928.70 to 6,037.53 range throughout the session, on turnover of NT$135.84 billion (US$3.99 billion).

Almost six stocks advanced for every one that declined.

The futures contract for October delivery rose 1.9 percent to 6,060.

Primasia Securities analyst George Wu (吳裕良) said the technology sector came to the fore again after construction and financial stocks led the market in recent sessions.

"The New Taiwan dollar was in retreat, which led to investment in [export-oriented] technology stocks, and sentiment is up on demand for personal computers, which is all good for tech counters," Wu said.

TSMC added 2.2 percent to NT$69.50, while rival United Microelectronics Corp was up 3.3 percent at NT$31.40. AU Optronics, the country's biggest maker of flat-panel displays, rose 5.3 percent, to NT$47.80.

The financial subindex, which has risen consistently recently, continued to perform well, gaining 2.4 percent.

Cathay Financial Holding Co was up 3.9 percent at NT$53.00, while Mega Financial Holding Co rose 2.5 percent to end at NT$20.20.

SinoPac Holdings Corp, which has been the subject of merger speculation, lagged, ending up 1.1 percent at NT$18.10.

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